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Make One More Adelaide Bank Repayment Per Year Without Trying
Adelaide Bank
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You probably pay your mobile phone bill, car repayment and credit card bill once every month, so it makes sense to make your Adelaide Bank home loan repayment monthly too, right? Think again. By making the switch from monthly to fortnightly repayments, you could save thousands of dollars and years from your home loan term.
Many Adelaide Bank customers, and home owners who have home loans through other lenders, opt for the convenience of making monthly repayments without giving much thought to it, as most people get paid on a monthly basis. So heres something to think about.
Making a monthly home loan repayment to Adelaide Bank means that you make 12 repayments every year. Making a fortnightly repayment, however, means that you make a lower repayment 26 times in a year, which is equivalent to 13 monthly payments. Making that extra repayment over each year can really make a difference to your overall debt.
One extra repayment per year may not seem like much in the scheme of your Adelaide Bank home loan debt, but it can make a noticeable impact on your long-term finances.
Each extra repayment goes towards reducing the amount you owe Adelaide Bank. As the amount you owe is reduced, so is the interest charged. Over a number of years, making fortnightly home loan repayments can save you thousands of dollars in interest charges. As you save more money on interest charges, you can slash the term of your home loan by years and be debt free sooner.
The sooner you make a concerted effort to clear you personal debt to Adelaide Bank, the sooner you are able to use your money in other ways, such as using it towards the purchase of an investment property. Just a simple change like switching to fortnightly repayments can make a difference to your long-term wealth.
While switching from monthly to fortnightly repayments can have a positive impact on your finances, the difference between weekly and fortnightly repayments is not as noticeable. You can find out more about how much you could save with fortnightly repayments by speaking with your financial broker.
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